Copy link
Increase text size
Decrease text size
Link copied

R3 successful in seven-week trade finance trial; 100% of participants believe solutions will improve their industries

Marco Polo – the brainchild of R3 and TradeIX – announced that it has successfully completed a seven-week trade finance trial run that involved the participation of over 70 organizations.

Image: Unsplash

Tue, 17 Dec 2019, 11:47 am UTC

TradeIX and R3’s Marco Polo Network just announced that it has successfully completed what it’s calling the largest open trade finance on the Corda platform. The trial run involved 70 organizations, with participants ranging from the financial sector and real estate to information technology and automotive juggernauts.

The trial, which took place in a seven-week period, aimed to examine the efficiency of the network to streamline the operations of the participants, 100% of which believe that trade finance and working capital solutions based on distributed technology can improve their respective sectors. To be specific, the trial particularly focused on receivable financing - a practice where a business sells its account receivables to another company to mitigate risks and acquire immediate payout.

According to the press release, over 700 funding requests have been completed during the testing, with participants only needing one-day training to fully use the solution. This proves that the Marco Polo platform can be adopted by organizations easily, eliminating the fear that onboarding might increase spending for the companies interested in adopting the new process.

Streamlining operations

Dutch Bank ABN AMRO was one of the many entities that participated during the trial. Arnout Buschenhenke, innovation manager platforms and DLT (Digital Ledger Technology) ecosystems at ABN AMRO, said that this will be an important milestone for the future of the financial industry as it opens up doors for future product development.

“The participation of ABN AMRO in this trial demonstrates our belief that new technologies together with cocreation in cross-industry ecosystems will shape innovation in the financial and trade system. This was a valuable collective learning and development effort together with peers, business partners, and clients. This is key to develop new products and services and to make global markets operate more efficient and seamless in the interest of our clients,” Buschenhenke said.

An overwhelming positivity

Representatives of Citizen Bank, SBI Holdings, Commerzbank AG, and several other firms have expressed the same sentiment.

R3 has been hard at work in pushing DLT and blockchain adoption across multiple sectors in a bid to accelerate the growth of the innovations in the years to come. It’s expected that more projects will be launch next year as the crypto space continues to penetrate both private and government sectors thanks to the advantages that it provides.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,878.36 (+2.53%)
  • Ethereum (ETH) $270.94 (+3.69%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $396.43 (+6.41%)
  • Bitcoin SV (BSV) $292.05 (+4.71%)
  • Bitcoin (BTC) $9,878.36 (+2.53%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.